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Pastimes : Plastics to Oil - Pyrolysis and Secret Catalysts and Alterna
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To: scion who wrote (6515)4/20/2011 8:19:58 PM
From: scionRead Replies (2) of 53574
 
During the year, the Company’s former consultants and an executive officer claimed money owed to them for consulting work performed in fiscal 2010.

The Company entered into a settlement agreement on February 28, 2011 to pay the consultants and the former executive officer the sum of $312,500.

The Company paid $200,000 immediately in cash and issued a note payable for the remaining settlement amount of $112,500 (Note 9(b)). At December 31, 2010, the Company accrued consulting fees of $312,500 in the consolidated financial statements.

NOTE 9 – SHORT-TERM LOANS AND NOTES PAYABLE
[...]
(b) Notes payable

The notes payable are secured by Javaco’s inventory, a subsidiary of the Company, bears interest at an annual rate of 6% and are due on December 31, 2011. As at December 31, 2010, the Company was in compliance with the covenant associated with this notes payable.

JBI, INC.- FORM 10-K - Filing Date 2011-04-20[
sec.gov
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